if you change sample rate, lets say 100khz, and you are playing back a regular 44khz recording, such as a mp3 file, nothing weird happens. i seriously doubt you would be able to - even if you tried really hard - find a sample recorded higher than 44k. afaik today the maximum in existence, outside of labs, is 192khz sampling.
this is not the same as 192bit.
i can't even imagine how enormous a 100khz recording is, and anyway, you wouldn't be able to distinguish it from a regular 44k unless you were trained, on a very expensive audio system, and at very loud volumes.
bit sampling is as described above. i think 32 bit is what normal pc and cd audio does, with super audio cd (SACD) at 64 bit.
changing these to a higher value doesnt do anything weird, except that:
1) it takes more cpu power
2) some badly coded softwares go crazy if you use anything except the standard. same goes for sample rate(i.e. 44khz).
latency is a very vague term, it could mean anything depending on yoru application, but since you have "bit depth" there, i assume you are fiddling with some recording controls.
in this case, latency is .. lag. or just latency. "takes so much time to interpret and reproduce the sound". useful to have this very low if you are for example, playing your electric guitar through your computer, or monitoring and adjusting (mixing) audio in real time.
uses a fuckload of cpu cycles. can be set too low and your pc borks out.
generally, none of these settings you should touch unless you know specifically why.